header-logo header-logo

12 August 2020 / Jonathan Kirk KC , Thomas Samuels
Issue: 7899 / Categories: Features , Financial services litigation
printer mail-detail

The Financial Ombudsman Service: Cause for concern?

25793
The Financial Ombudsman Service: a matter of principle, ask Jonathan Kirk QC & Thomas Samuels

In brief

  • In May 2020, HHJ Dight CBE handed-down his long-awaited decision in Adams v Options SIPP UK LLP [2020] EWHC 1229.
  • The disparity between the analysis and outcome in that decision and the approach to similar complaints made to the Financial Ombudsman Service, is a cause for concern in a heavily-regulated financial services sector.

In Adams v Options SIPP UK LLP [2020] EWHC 1229, [2020] All ER (D) 136 (May) in around February 2012, Mr Adams, a self-employed road haulage contractor, wanted to review his existing personal pension arrangements. He therefore responded to an online advertisement placed by CLP Brokers Sociedad (CLP), which referred to better returns on your pension through investments offered by them. CLP advised Mr Adams that an investment in store pods, from Store First Limited held in a self-invested personal pension (SIPP) would improve the performance of his pension. Accordingly, he transferred his existing provision

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Harneys—Maggie Kwok & George Weston

Harneys—Maggie Kwok & George Weston

Harneys senior leadership appointments

Freeths—Keith Browne & Jim Jordan

Freeths—Keith Browne & Jim Jordan

Freeths strengthens London Construction and Engineering practice with two strategic senior hires

Anthony Collins—Laura Moss

Anthony Collins—Laura Moss

Anthony Collins announces strategic hire to deepen skills base in the social business sector

NEWS
Existing defamation law can respond to AI ‘hallucinations’, but allocating responsibility will prove harder where outputs reach users without human intervention
The High Court has upheld a rare successful serious-irregularity challenge after an arbitrator relied on an implied term neither party had advanced
Thirty years after The Future of Law shook a profession still using fax machines, its central forecast looks increasingly less like prophecy and more like description
More than 100 teams from the legal and financial services sectors competed in five sports at the 51st Law Society RFC Festival of Sport earlier this month
Part-time status need only be an effective cause of less favourable treatment, rather than the sole cause, the Supreme Court has held in Augustine v Data Cars
back-to-top-scroll